I had the only credit collection removed from my credit report.what is the effect on my FICO score?

shOegaL asked:


I have only had one collection and it was removed from my credit report. I have 13 other accounts in good standing. My credit history is about 2 years because I am young. I don’t have any high balances except for my car…9,500 out of the 13,500 originally. What will be the impact on my credit score with the removal of this collection alone? Thanks!
Hi everyone! I know that my credit score will go up because of this but I need to know how much, the actual amount or an educated guess! Thank you!

Ruben

Tags: Credit History, Credit Score, Fico Score

This entry was posted on Wednesday, June 10th, 2009 at 2:48 am and is filed under Credit Reports. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

3 Responses to “I had the only credit collection removed from my credit report.what is the effect on my FICO score?”

1. Smoovy Loco Says:
   June 10th, 2009 at 10:44 am

   Amanda

   Keep in mind that 35% of your score is payment history, and if that was the only acacount that was problematic, then that should help your score. Also, 30% of your score is based on the outstanding debt that you have, so if that’s removed, then that should give you a boost as well.

2. B.B Says:
   June 13th, 2009 at 6:10 pm

   Reginald

   your should go up but i just don’t know how much.. and keep up the good work with paying your bills on time.

3. judy b Says:
   June 14th, 2009 at 4:52 pm

   Edwin

   it depends on the age of the collection account. somewhere between 20 and 35 points usually. It depends on what your credit score is also. if you have revolving credit and how you pay your bills and balance. good luck sounds like you are doing all the right things keep it up and keep inquiries down too. over three or four a year dings your credit also! Read Dave Ramsey financial peace.! God bless